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EasyJet Completes Sale And Leaseback Programme For 23 Aircraft

EasyJet (ESYJY.PK,EZJ.L) said that it has successfully concluded its sale and leaseback programme for a total of 23 aircraft, generating total proceeds of $771 million or 608 million pounds, at the upper end of anticipated proceeds of 500 million pounds - 650 million pounds.

EasyJet noted that the final transaction was executed with Jin Shan 37 Ireland Company Limited for the sale and leaseback of five A321neo aircraft for aggregate cash sales proceeds of $266 million or about 203 million pounds.

EasyJet said it will use proceeds of the sale to maximise liquidity and further strengthen its financial position.

The company noted that the aircraft will be leased back until each of the aircraft reach 10 years of age.

Following the conclusion of the sale and leaseback programme around 50% of the fleet remains unencumbered, EasyJet said in a statement.

After the successful conclusion of the sale and leaseback programme, easyJet has now raised over 2.4 billion pounds since the beginning of the Covid-19 pandemic. This comprises 400 million pounds from drawing down Revolving Credit Facility, 600 million pounds from the UK government's Covid Corporate Financing Facility, 400 million pounds from two term loans, the 608 million pounds in proceeds from the sale and leaseback programme and 419 million pounds of equity issuance.

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